Last Monday I was in the Innovation & Business Forum where Salvador Aragón, Chief  Innovation Officer at IE, was serving as a moderator alongside major players like 2006 Nobel Economics Prizewinner , Edmund Phelps, who gave an address on the innovation economy and the challenge for Europe and Spain. The event was organized by Expansión and Added Value in the Madrid Stock Exchange, in collaboration with organizations that included IE Business School.

During his address Edmund Phelps talked about how a capacity for innovation and being dynamic is essential for success. He spoke about how important it is to be aware of the benefits that innovation brings and the key role of education in harnessing the best talent and generating more creativity that inspires people to risk more and come up with new ideas.

Salvador Aragón, who moderated a debate table, began his address by talking about the importance of innovation in the current market scenario, and quoting Spanish writer Miguel de Unamuno's words "Let them invent!". The professor Aragon was referring to the typical mistake we make when we compare innovation and invention, pointing out that invention is a new idea, whereas innovation lies in using it in such a way that it is appreciated by the market.  In order to illustrate his point Aragón asked his audience who invented the electric light bulb, to which the public replied that it had been invented by Edison. Professor Aragón corrected us this common mistake, stating that the electric light bulb was in fact invented by Warren de la Rue in 1840, but it was Thomas Edison who, some 40 years later, saw how to make it a market success.

Aragón went on to talk about innovation models and how they emerge not only in companies but also among clients. He also highlighted how important it is for the future of the company to harness and manage innovation and diversity. 

Other key speakers in the Forum included  Arturo Luján, CEO of 3M, Salvador Santos Campalo, President of the Madrid Chamber of Commerce, Manuel Fernández, General Manager of Negocios Mayoristas de Gas Natural and Enrique Ossorio, Vice Counsel for Economy and Consumption for the Madrid Regional Authorities, all of whom talked about their experiences of innovation in business.